If you opt for a Custom Exchange Rate, you can define the validity period for the rate, including the start and end dates. This is ideal for cases where fixed rates are preferred for a given time frame.
How to Set a Custom Exchange Rate:
Step 1: On the menu pane on the left, click on Settings
->Currency
.
Step 2: On the Currency table, find the currency for which you want to set the exchange rate.
Step 3: On the rightmost corner of the currency row, click the Exchange Rate Settings icon.
Step 4: Choose the Custom Exchange Rate option
Step 5: Specify the Start Date and End Date for the exchange rate’s validity.
Step 6: Enter the Rate
Enter the custom exchange rate (e.g., converting USD to AUD) in the provided field.
🔶Note: The default currency set during profile registration will be the default settlement currency, meaning all transactions will be recorded or converted into this currency.
Step 7: Save Settings:
Click the Save button to apply your custom exchange rate settings.
Step 8: Once saved, you will be redirected to the Currency Table, where you can see the newly set exchange rate.
Viewing Exchange Rate Logs
You can easily track and review all exchange rate changes through the system’s Exchange Rate Logs. This allows you to view detailed records of when and how exchange rates were set or adjusted.
Track Your Exchange Rates: You can verify and monitor the applied currency and exchange rates in reports such as:
- Payment List
- Receipt List
- General Ledger
This feature ensures that your international transactions are accurately reflected in your financial records and supports efficient multi-currency management.